Americans feel the pinch of inflation as prices spike

WASHINGTON, D.C. (NBC) – As Americans feel the pinch from rising prices heading into the holidays, President Biden is betting that the economy is headed in the right direction.

Biden has decided to stay the course at the Federal Reserve, nominating Jay Powell for a second term as chair.

Leaving the challenges of the pandemic and the economy behind for a bit, the president and first lady paused to serve up Thanksgiving dinner and gratitude to troops and their families at Fort Bragg.

Earlier at the White House, the president was serving up economic stability by backing a Federal Reserve chair originally nominated by President Donald Trump, betting that under Powell, the conditions are there for the economy quickly to reach full employment as the nation emerges from the pandemic.

President Biden said, “I believe Jay is the right person to see us through and finish that effort, while also addressing the threat of inflation that it poses to our families and to our economy.”

Despite strong job and wage numbers, consumers are feeling a crunch with gas prices soaring and consumer prices up, too.

The average cost of Thanksgiving Dinner is 14% higher than last year.

Democrats are pitching their nearly $2 trillion social program and climate change bill as a remedy for the nation’s economic ills. But despite current challenges, the CEO of the nation’s largest retailer sees a good year ahead.

Walmart CEO John Furner said, “I think that that we have a strong consumer, we have a strong economy, you know, all the numbers reflect that the employment numbers going up with at a time when wages have risen, I think it’s a positive sign, for the country in general.”

It’s a ray of hope in what’s been a dark time for so many.

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